Question 28 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 28 Chapter 2 of +2- Part-

Question 28 Chapter 2 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

28. (Interest on Drawings/Evenly throughout the year) A and B are partners in a firm. They share profits and losses in the ratio of 3:2. As per their partnership agreement, interest on drawings is to be charged @10% p.a. Their drawings during 2016-17 were Rs.24,000 and Rs. 16,000 respectively.
Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly throughout the year.

The solution of Question 28 Chapter 2 of +2 Part-1: – 

Interest on Drawings:

A : 24,000*10/100*6/12 = Rs. 1,200
B : 16,000*10/100*6/12 = Rs. 800
Note: When the date of drawings is not mentioned, interest is always charged on  average basis.

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 28 Chapter 2 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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